Seafood Processing Market size is projected to reach approximately USD 3.15 Billion by 2027 at a CAGR of 5.97% between 2020 and 2027.
Seafood Processing Market size is projected to reach approximately USD 3.15 Billion by 2027 at a CAGR of 5.97% between 2020 and 2027. The growth of the market can be attributed to the increasing demand for processed seafood across the globe. The tremendous growth of the aquaculture industry in the recent past has contributed to the seafood processing market growth. Aquaculture production increased by approximately 4 million tonnes from 2015 to 2016. This is driving the demand for quality equipment for the processing of seafood. Moreover, the focus on food safety and implementation of food quality regulations in various countries are leading seafood processors to invest in high-quality processing equipment at their seafood processing plants. The rising demand for convenience foods, especially among the increasing working population with hectic schedules, is contributing to the growth of the global seafood processing industry. The global convenience food market was valued at approximately USD 245 billion in 2021. The increasing number of small- to medium-scale fisheries in the underdeveloped countries in Asia and Africa is further boosting the growth of the seafood processing market.
Seafood Processing Market is growing with the increasing demand for processed and convenience foods. There is a surge in demand for canned, smoked, and frozen seafood, which is boosting the seafood processing industry growth. The growing health-conscious population is inclined toward the consumption of protein-rich seafood. This has increased seafood trade, which is expected to boost the growth of the global market across the globe. Moreover, fish processing by-products such as fishmeal, fish body and liver oils, and fish maw are increasingly being used in industrial applications. To cater to the growing consumer demand, seafood processors are investing in the expansion of their seafood processing plants and technologically advanced equipment. A focus on R&D and technological advancements by seafood processing equipment manufacturers are also fueling the seafood processing market growth.
Growing demand for processed seafood
By Equipment Type
By Seafood Type
|Market Size||USD 3.15 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Equipment Type, Category, Seafood Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Pisces Fish Machinery Inc. (US), Marel (Iceland),GEA Group (Germany), Optimar AS (Norway), Uni-Food Technic A / S (Denmark), Baader Linco Inc. (US), The Middleby Corporation (US), JBT Corporation (US), Skaginn 3X (Iceland), Arenco AB (Sweden), Zhengda Food Machinery Co.,Ltd (China), KROMA A/S (Denmark), Seafood Technology Limited (UK), T.C. Food Equipment, Inc. (US), SEAC AB (Sweden)|
|Key Market Opportunities||Need for high capital investments|
|Key Market Drivers||
Seafood processing market projected to grow at a 5.97% CAGR between 2020-2027.
The Asia Pacific is expected to lead the seafood processing market.
Seafood processing market is predicted to touch USD 3.15 Billion by 2027.
Fish will lead the seafood processing market.
Growing aquaculture industry and regulations promoting food quality and safety are the key factors driving the seafood processing market.